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Business Insurance: Why It's Important for Your Business Business insurance is actually an umbrella term, which refers to a number of different types of commercial insurance cover. It is vitally important for any business to make sure they have adequate insurance, available from Markel UK, to provide financial and legal and protection in the wake of any of the following scenarios: Damage to Property As the recent riots across English cities - as well as the bouts of extreme weather we have been subject to in recent years - have shown, unforeseen circumstances can cause significant damage to commercial property. Property insurance protects businesses against the problems caused by damages or theft involving premises and contents. It is also possible to secure property insurance against specific risks, for instance, fire. Negligence Suits It is possible to insure your business in the event of a customer or client taking legal action, claiming negligence on the part of the company as a whole, or a single employee. This type of business insurance is called Public Liability Insurance. Damage to Company Vehicles Commercial Vehicle Insurance covers businesses against damage to, or loss of, vehicles utilised for business purposes. If you have the same car for work and personal use, personal car insurance will not cover you for loss of business incurred by damage or theft. Injuries Sustained by an Employee at Work Your business could be held liable if an employee is injured as a result of a workplace accident. It is a requirement by law to have an insurance policy in place to enable you to meet a compensation claim made by an employee in the event of this happening. This type of business insurance is called Workers Compensation Insurance, and securing it for your business is not optional. Loss of Income Caused by Interruptions to Trading One of the least understood forms of commercial insurance is Business Interruption Insurance. This is intended to protect companies in the event of cash flow problems caused by unavoidable disruptions in trading. For example, if a key piece of equipment sustains damage, Property Insurance will cover the damage itself, but will not protect you against the disruption to your business caused by the damage. This is where Business Interruption Insurance is needed. Loss of Important Employee(s) Even the smallest business will have highly skilled staff members who are vital to the running of the company. Should these employees be lost to the company due to critical illness, disability or death, it can have a serious effect on the stability of the business. In order to protect your company against this eventuality, it is important to secure Key Person Insurance. |
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